Given the recent surge in field development activities, this month Infield Systems Ltd. looks at subsea well drilling and completion activities across the globe. Figure 1 depicts the regional drilling and completion capex (spent and forecast) as a percentage of the global total by year of spend. The period 2007-2011 is forecast to have a significant rise in the number of wells that may be drilled and completed, relative to the previous five-year period. This translates into higher drilling and completion capex outlays for the forecast period.
Drilling & Competion Capitol Expenditure by Region 2002-2011
All of the regions are predicted to see a dramatic rise in the number of subsea wells drilled and completed over the 2007-2011 period. Africa is expected to account for the largest share of the total global rise followed by Latin America, Australasia, and Asia. The rise in North America and Europe is forecast to be relatively lower than that in the other regions. Additionally, the majority of forecast subsea wells in Africa, Latin America, and North America will be in deepwaters (≥500 msw). Deepwater drilling and completion is more expensive than that for shallow water (≤500 msw) and therefore deepwater is expected to be a key driver of drilling and completion activities as well as capex outlays.
-Ojus Palathingal, Researcher
-Dr Roger Knight, Editor & Offshore Data Manager
